Imports payments to China, UAE and Singapore surge by 39%, 9% and 31% in FY21

July 23, 2021 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during FY21, followed by United Arab Emirates (UAE), Singapore, the USA, and Saudi Arabia.

According to the latest figures released by the State Bank of Pakistan (SBP), the total imports from China during the period under review were increased by 39% YoY to $13.3billion, as compared to $9.56bn recorded in FY20.

This was followed by UAE, as Pakistan imported goods worth $6.96bn from the Emirates, which went up slightly by 9% YoY compared to the imports of $6.36bn recorded during FY20.

Singapore was the third in the list as Pakistan imported products worth $3.1bn from the country. This figure was up by 31% from the imports of $2.37bn in FY20.

Next up were the USA and Saudi Arabia as imports came from the regions during the departed fiscal year was $2.44bn and $2.39bn, respectively. The imports from the USA surged by 9% YoY while imports from Saudi Arabia soared notably by 81% YoY in FY21.

Among other countries, Pakistan’s imports from Japan stood at $1.49bn, marking a jump of 45% YoY, while imports from Kuwait were mounted by 33% YoY to $1.35bn.

The imports from Qatar and South Korea stood at $1.32bn and $1.31bn during FY21. Compared to FY20, Pakistan’s import payments to South Korea swelled by 75% YoY whereas, payments to Qatar nosedived by 19% YoY.

In the month of June’21 alone, the total imports from China jumped by 40% YoY and 61% MoM to $1.84bn. Likewise, imports from UAE also soared by 93% YoY and 19% MoM to $738.8mn.

Moreover, total imports from Singapore depicted an increase of 55% YoY and 13%, MoM, to $347.8mn during the month. The import payments to Saudi Arabia also inclined by a whopping 318% YoY and 56% MoM to $283.48mn.

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Posted on: 2021-07-23T12:35:00+05:00